UPM aims at growing its energy business as European paper demand weakens [From the web]

HELSINKI, Aug. 25, 2011 (Reuters) - Finnish forest group UPM-Kymmene aims to grow its energy business and sees opportunities in Germany's planned exit from nuclear power, chief executive Jussi Pesonen said on Thursday.

The move comes as European paper demand is weakening and UPM-Kymmene, which has the world's biggest graphic paper capacity, prepares to close some paper mills after acquiring rival Myllykoski.

In addition to making paper and pulp, UPM is Finland's second-biggest electricity producer after Fortum , with total power capacity of about 3,000 megawatts.

Through its stake in the nuclear consortium Teollisuuden Voima Oy, UPM has about a third of the total capacity of two nuclear reactors in Olkiluoto.

UPDATE 2-Reuters Forest Forum-UPM-Kymmene eyes growth in energy

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